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Financial Aid 101

Financial Aid 101. Trina Smith-Patterson. Director, Financial Aid Tarrant County College Northwest. fahelp@tccd.edu. What is Financial Aid?. Financial aid is money provided by the federal government, states, institutions and other sources to help students pay for college

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Financial Aid 101

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  1. Financial Aid 101 Trina Smith-Patterson Director, Financial Aid Tarrant County College Northwest fahelp@tccd.edu

  2. What is Financial Aid? • Financial aid is money provided by the federal government, states, institutions and other sources to help students pay for college • This can consists of different programs • Grants • Loans • Scholarships • Work-Study Programs

  3. Who’s eligible??? • General Eligibility Requirements: • Have a H.S. Diploma or GED • U.S. Citizen or Eligible Non-Citizen • Enroll for an eligible degree or certificate program • Enroll at least 6 hours for most programs • General Eligibility Requirements: • Not be convicted of an offense involving a controlled substance • Register for Selective Service (Male Students) • Not owe a refund on federal grant or be in default on a loan • Maintain Satisfactory Academic Progress

  4. Application Process • Every Financial Aid Program begins with the FAFSA • Free Application for • Federal Student Aid • Do not pay to process this free application • The student completes the • FAFSA at • www.fafsa.gov • Annual Process • FAFSA available in January each year for the Fall semester

  5. Senate Bill 1528 Students • Undocumented Students • Eligible for State Grant Programs Only • Different Application Process • Complete Paper TASFA or FAFSA • Submit to Financial Aid Office • Submit tax returns and IVF as well • Submit copy of Affidavit that was admitted as Senate Bill 1528 • Receives this documentation from the Registrar’s Office

  6. How the Aid is calculated… • The Financial Aid Office uses the following formula to determine eligibility: • Calculate the Need: • Cost of Attendance • Estimated Family Contribution (from SAR) • Financial Need • The EFC is figured by the federal processor from the information provided on the FAFSA

  7. Examples of Cost vs. EFC • TCC • Dependent Student living at home Cost $9153 EFC 1300 Total Need 7853 • SMU • Undergraduate Student living in dorm Cost $ 50005 EFC 1300 Total Need 48705

  8. Financial Aid Program • Gift Aid: • Funds that do not have to be repaid • Federal Pell Grant(EFC 0 -- 4995) • Over 74.5 Million disbursed 11-12 • Over 118.3 Million awarded 12-13 • Federal SEOG(EFC 0 -- 4995) • TEXAS Grant(EFC 0 – 4000) • Must be in Recommended or Advance High School Program • Other (TPEG, TEOG, Book Scholarship, Book Cards) • Stars of Tomorrow (TCC Only) • Scholarships

  9. Financial Aid Programs Cont. • Self-Help: • Must be repaid or must work for funds • Federal and State College Work-study • Allows students to work on or off-campus • Federal Subsidized Stafford and Unsubsidized Loans • Subsidized loans have deferred interest while in school • Unsubsidized loans no deferred interest • Be On Time Loan • Be a Texas resident • Recommended or Distinguished Achievement HS curriculum • Be enrolled Fulltime • Not eligible to receive TEXAS grant • Will not have to repay if student graduates “on time”

  10. New Regulations • Affects All Students receiving Title IV Aid • Must have a High School Diploma or GED • Pell Grant is limited to the equivalent of 12 Fulltime semesters • 6 years of study only • Reduction from 18 Fulltime semesters • All students who receive a loan between July 1, 2012 through July1, 2014 will not be eligible for deferred interest during the 6 months grace period after graduation • Pay interest or allow interest to capitalize • Can only pay for a previously passed class once • Passing grades A,B,C,D

  11. Satisfactory Academic Progress • New Federal Regulation: • All Students: • Must have a 67% completion rate of all hours attempted • Completed hours/Attempted hours • Must be at least 67% • Must have a cumulative GPA of 2.0 • Maximum Timeframe a student is • eligible for financial aid • Cannot exceed 150% of publish program • Appeal process for students who do not meet standard depends on school’s policy Effective July 1, 2011

  12. For More Information • Contact Financial Aid • (817) 515-4243 • Website • www.tccd.edu • Collegeforalltexans.com • Collegeboard.com • Fastweb.com • Send email • fahelp@tccd.edu

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